#实话实说#
Wang Jianlin, who has just gotten out of the gambling crisis, has recently been selling assets again.
According to Tianyancha's information, Dalian Wanda Commercial Management withdrew from the list of shareholders of Shanghai Jinshan Wanda Plaza, which means that a Wanda Plaza in Shanghai has been sold.
In the past one month, Wang Jianlin has been running wild on the road of selling and selling.
On December 25, Taicang Wanda Plaza was sold, on December 26, Huzhou Wanda Plaza was sold, and on December 29, Guangzhou Luogang Wanda Plaza was sold.
If Wang Jianlin's previous fire sale was to fill the big hole of 38 billion yuan in the VAM agreement, then why did he continue to sell and sell after the VAM crisis was lifted at the beginning of last month, is it true that the 70-year-old Wang has really lost his ambition, and his era has come to an end?
10 days to take over 4 Wanda Plaza, who is the mystery buyer?
It is worth noting that the buyers of the four Wanda Plazas sold by Wang Jianlin within 10 days are all the same company: Zoomlion Fund.
According to its official website, Zoomlion Fund was established in 2013 and is a company specializing in REITs in China.
What are REITs?
REITs are called real estate investment trusts in Chinese, which are an important means of real estate securitization. To put it simply, everyone pools money together to buy a house, and shares the rental income after renting out the building.
Different from other funds, REITs are not simply value investment, but are responsible for the operation of real estate, so the real estate purchased is basically a commercial type, such as shopping malls, hotels, office buildings, etc.
The Wanda Plazas acquired by Zoomlion Fund are all mature commercial complexes.
Taking Jinshan Wanda Plaza as an example, the complex has been opened in July 2015 and has been in operation for nearly 10 years, covering an area of 110,000 square meters and a total construction area of 460,000 square meters, making it one of the largest urban complexes in the local area.
Before the acquisition of Wanda Plaza, Zoomlion had already made frequent moves on commercial real estate.
In 2017, as the general coordinator, Zoomlion Fund issued the "Zoomlion Qianhai Open Source-Lerthai No. 1 Asset-backed Special Plan" on the Shenzhen Stock Exchange.
This fund is the first REITs product in China that does not rely on ratings, with an issuance scale of 3.5 billion yuan, and the underlying asset is Shijiazhuang Taylor Center.
In addition, Zoomlion is also issuing REITs with community commerce, outlets and rental houses as the underlying assets.
To be able to mobilize so many resources and break through the barriers of various industries such as real estate, finance, and securities, everyone must know how big the origin of the Zoomlion Fund is.
Why is Lao Wang selling, selling, selling?
In 2024, Wang Jianlin is about to usher in his 70th birthday, as the old saying goes, "life is rare for seventy years", the 70-year-old Wang has indeed reached the age of retirement, and Xiao Wang also seems to have no interest in taking over.
In addition, in the past few years, Lao Wang has been tossed enough, and the whole person has changed from "rich" to "thin into a bamboo pole".
Therefore, some people speculate that Lao Wang has lost interest in continuing to toss, and it is better to end it here, dispose of his assets and start retiring and living the life of a rich man.
We really can't rule out this possibility, but from a purely commercial point of view, it is still necessary to continue to sell and sell.
In 2017, after Wang Jianlin "survived with a broken arm", Wanda began to turn to an asset-light model, that is, to sell its holdings of Wanda Plaza, and the company mainly engaged in commercial management and operation.
This can not only reduce the burden on Wanda, but also give full play to Wanda's brand advantages, which is a good choice for Lao Wang.
According to the financial report, as of the end of March 2022, Wanda Commercial Management had a total of 420 Wanda Plazas, including 135 in the asset-light model and 285 in the asset-heavy model.
Therefore, Wang Jianlin's sale of Wanda Plaza is more of a demand for turning to an asset-light model.
Especially in the current situation of the real estate market, it is also beneficial and harmless for Wanda to seek listing in the future.
Of course, in addition to the strategic transformation, another important reason for Lao Wang to sell Wanda Plaza is to repay debts, according to the financial report, Wanda's short-term interest-bearing debt in the first half of this year was 13.417 billion.
In addition to short-term debt, Wanda's long-term debt also exceeds 100 billion.
Therefore, although Lao Wang does not have to deal with the 38 billion gambling crisis, other debts still have to be faced.
What is PAG's attitude?
The reason why Lao Wang was able to get out of the 38 billion VAM agreement was that PAG let him go and continued to invest in Wanda after Lao Wang redeemed his shares.
So when the outside world was exclaiming at Lao Wang, I was more concerned about what the attitude of the PAG Group was to this matter, why?
Because under the new agreement between Wanda and PAG, PAG and other investors have a 60 percent stake in Wanda Commercial Management, and if Wang Jianlin sells Wanda Plaza without PAG's consent, the shareholders are likely to hold Wang accountable.
So I speculate that PAG was aware of Wang Jianlin's actions, and it is very likely that it assisted Wang Jianlin in the disposal of assets. Why?
In fact, it can be seen from the investment style of Shan Weijian, the senior partner of PAG.
Shan Weijian does not like to make simple financial investments, but tries to seek control of the company, so as to improve the operation of the company, and then sell the equity when the company's operation is completely improved, so as to obtain rich returns.
And the Zoomlion Fund, which took over Wanda Plaza this time, belongs to the same industry as PAG Group, and if Shan Weijian wants to match Wanda and Zoomlion, it will be a gesture.
Therefore, we have reason to believe that Shan Weijian assisted Lao Wang to resolutely promote Wanda's asset-light path, which is one of the steps taken by PAG to help Wanda improve its operation.
At present, although Wang Jianlin still has control of Wanda, PAG's advantage in equity makes Wang also have to pay attention to Shan Weijian's opinion.
What's more, Shan Weijian ostensibly "let go" Wang Jianlin this time, but in fact he was deeply tied to Wang Jianlin.